Financial Services SITS Market Trends and Forecasts

As a group, Financial Services organisations are the largest SITS buyer within the UK private sector, accounting for around a quarter of the market, or £9.8bn of annual revenue. The sector is also the most dynamic as many sector companies seek to use technology to generate competitive advantage and faster profits growth. After a period of turmoil following the Financial Crash of 2008, TechMarketView forecasts a growth rate of 3.8% per year to 2016, significantly ahead of the total SITS market and of the wider private sector SITS market.

The report presents a heat map of SITS activity, identifying key areas for investment and focus. Currently, the key areas for sector spending are currently dealing with regulatory change, updating legacy systems and looking for cost reduction and flexibility through the greater use of Cloud Services. The report also describes the key issues and outlook for each of the Banking, Financial Markets and Insurance subsectors and across the major sub-divisions of the SITS market.

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